Netflix shares surge after survey finds pandemic subscribers likely to stick

Esan Bolaji
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Netflix shares surge after survey finds pandemic subscribers likely to stick

Netflix shares are trading an inch lower this morning in pre-market stock trading action in New York after yesterday’s jump following news of a survey that pointed to pandemic users sticking around regardless of the virus going away.

Shares of the Los Gatos-based streaming service closed the day at $547.5 per share after weeks of trading below $520 since the company disappointed investors’ overly-optimistic expectations for its latest quarterly earnings.

The survey was conducted by Piper Sandler analyst Yung King who asked around 1,000 Netflix (NFLX) subscribers, which service they will continue using once the pandemic subsidies, which resulted in 41% of respondents picking Netflix while 28% responded Prime Video – Amazon’s (AMZN) streaming service. Only 7% responded HBO Max.

The survey – although applied to only a small sample of the firm’s user base – answered a question that lingered in the head of market participants regarding how sustainable was the recent surge in subscribers caused by the pandemic.

Netflix added almost 26 million users since the health crisis started as people forced to stay at home flocked to the streaming service to entertain themselves while confined.

Are Netflix shares ready to go higher?

Netflix shares have been on an uptrend since the late 2019s that saw just a temporary pause during the pandemic sell-off of February-March.

Right after the stock bottomed in March it resumed this upward trend line and has managed to stay above it throughout the year as a result of pandemic’s tailwind.

However, Netflix shares had a bit of a hiccup in early July right after the company revealed its results for the second quarter of 2020, as the price succumbed to the company’s failure to live up to overly optimistic user growth forecasts.

Since then, the stock continued trading close to its pre-earnings price but did not make any new highs – a bearish sign. However, this recent boost provided by the results of the survey could end up pushing the stock again to the $575 level.

One of the highlights of yesterday’s price action is that Netflix shares managed to close a price gap dating back to those early-July days when the stock plunged, which gives this rally more strength and credibility.

At this point, nothing is really preventing the price of Netflix from surging higher – at least from a technical standpoint – although another big jump during today’s session would push the stock to overbought territory.

According to information from CNN Money, Netflix’s 12-month median price target remains at $550 per share, while the highest target sits at $625.

Meanwhile, from the 41 analysts surveyed by the site, 25 – more than half – had a buy or outperform rating for the stock, while only 5 had an underperform or sell rating.

Efe Omoregbe, Bada Akintunde-Johnson, Ayeni Adekunle, others confirmed to speak at MTN’s business of the art series

Esan Bolaji
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Efe Omoregbe, Bada Akintunde-Johnson, Ayeni Adekunle, others confirmed to speak at MTN’s business of the art series

In line with its continuous commitment to youth development in Nigeria, MTN Foundation, the CSR arm of Nigeria’s leading ICT company, MTN Nigeria, has engaged leading minds in the Nigerian entertainment and media industry for this year’s edition of MTN’s Business of the Art Series.

Now in its fourth year, MTN Business of Arts exposes young, aspiring and experienced entertainers to the business side of the music industry.

This year’s edition holds on Friday, August 28, 2020, featuring speakers and facilitators from diverse areas of the entertainment and creative industry.

Seven of Nigeria’s best minds in the Nigerian entertainment and media industry will speak from their wealth of knowledge and experience, during a virtual event expected to last for hours. They include Vice President, International Strategy & Operations at Warner Music Group, Temi Adeniji, Country Manager, ViacomCBS Network, Africa, and Bada Akintunde-Johnson. Others are Founder and CEO, Now Muzik, Efe Omoregbe, Founder and CEO, BHM Group, Ayeni Adekunle and CEO MusicTime, Oye Akideinde. The keynote speaker will be Chief Marketing Officer, MTN Irancell, Larry Annetts.

Since the first workshop in 2016, Business of the Arts has been guiding upcoming musicians and music enthusiasts to make informed decisions when navigating the converging lines of business and arts in the music industry.

In accordance to COVID-19 guidelines, this year’s edition will take place virtually and will be moderated by the President, Digital Music Commerce and Exchange Limited, Oyinkansola Fawehinmi. Attendees will gain exclusive insights into the music industry from creativity to merchandising and talent management.

 

HEADLINES YOU MIGHT HAVE MISSED FROM BRAND SPUR

LASCODA trains youths on commercial coconut oil processing

The Lagos State Government has embarked on the training of youths and women on commercial Coconut Oil processing at the Farm Service Centre, Oko-Oba, Agege as part of efforts towards Making Lagos State a 21st Century Economy.

Lessons we need to learn about record labels moving into African music

If we are not careful, we are in the beginning of the creativity of African music and artistry being captured and abused by the American corporate system?

NNPC generates $4.60bn revenue from 19.104bn litres of crude oil, gas export in one year

The Nigerian National Oil Organization (NNPC), on Sunday, said it made a sum of $4.60billion from raw petroleum and gas sent out between June 2019 and 2020.

The shape of disruption in the retail space: how it works, how to respond to it, and why it matters

You won’t find too many jokes about ‘digital transformation’. It’s a serious business. And if you ask who is doing it, every corporate will raise their hands – but there’s little agreement around exactly what it is, the implications for the organisation, how to go about it. RMB’s recent retail client webinar, featuring Wits’ Prof Brian Armstrong, provided strong direction.

Nigeria’s GDP Shrinks by 6.10% in Q2 2020 – NBS

Nigeria’s Gross Domestic Product (GDP) decreased by -6.10% year-on-year) in real terms in the second quarter of 2020, ending the 3-year trend of low but positive real growth rates recorded since the 2016/17 recession.

Market Cap of the World`s Five Largest Automobile Manufacturers Plunged by $63bn in 2020

The COVID-19 pandemic has had a severe impact on the global automotive industry, causing supply chain disruptions and factory closures. All of this placed intense pressure on the market already coping with a downshift in global demand.

Digital Ticketing Sales to Grow 150% by 2022, as Passengers Return to Travel

Hampshire, UK – 24th August 2020: A new study from Juniper Research has found that digital ticketing transaction volumes will exceed pre-COVID levels by 2022; rising from 12.7 billion in 2020 to 32 billion in 2022. It anticipates that continued easing of global travel restrictions will drive increased demand for mobile ticketing in the rail, metro and bus sectors, as commuters return to work.

IITA empowers Ogoni youth on agribusiness for sustainable livelihoods

The Federal Government of Nigeria, through the Ministry of Environment in partnership with IITA, under the Hydrocarbon Pollution Remediation Project (HYPREP), commissioned a cassava processing factory in Korokoro Community, Tai Local Government Area of Rivers State.

Aruba Research: Network as A Service Adoption to Accelerate by 38% Within the Next Two Years as Businesses Adapt to COVID-19

74% of organizations reported moderate to significant impact to their employees due to the pandemic

 

Lagos Govt resuscitates interest in Arabic teaching in public schools

Esan Bolaji
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Lagos Govt resuscitates interest in Arabic teaching in public schools

The Lagos State Government has rekindled the interest of public school students towards learning the Arabic language with the introduction of teachers to new skills and methodology that will make the process easy and exciting.

Speaking at the opening ceremony of a workshop organised by the Ministry of Education for Arabic Teachers across the six education districts of the State, on Thursday, at the Multilingual International Resource Centre, Maryland, Lagos, the Permanent Secretary, Ministry of Education, Mrs Abosede Adelaja noted that appreciable investments in the Centre, as well as the determination to build the capacity of teachers and administrators in the State’s Public Schools, have begun yielding laudable results.

Arabic teaching in public schools

The Permanent Secretary said the training became necessary as the language remains an important and an all-encompassing element in human life and a key component in effective communication, which undeniably guarantees a harmonious society, maintaining that continuous capacity building at the local and international levels will be of immense advantage to teachers in the State.

Adelaja stressed that the theme for the workshop “Teaching and Learning of Arabic Language in Lagos State Schools: Status, Challenges and the way forward” was apt and clearly depicts the readiness of the government to further improve the teaching and learning of languages in the State.

According to her, the drive towards Making Lagos a 21st Century Economy requires an in-depth global approach that would transcend platforms and diverse global societies and economies, hence the need to tackle barriers which a deficiency in language may portend.

She revealed that psychological studies have found that speaking two or more languages is a great asset to the cognitive process, which is quite beneficial for students and empowers them with the right skills and knowledge crucial for their independence and self-reliance in preparation for the future workplace.

She encouraged participants at the event to avail themselves the opportunity of the workshop, noting that the lectures by the seasoned facilitators are avenues for effective service delivery and simplified teaching and learning of their students.

While welcoming participants, the Director, Multilingual International Resource Centre, Mrs Taiwo Haastrup informed participants that the Arabic language is one of the languages recognised by the United Nations and spoken by people and nations across the globe.

She said the Multilingual International Resource Centre, MLIRC, is committed to raising proficient indigenous and sovereign language speakers as well as world-class learners of foreign and indigenous languages in a conducive learning environment as provided by the Lagos State Government.

Mrs Haastrup said the centre also serves as a platform for capacity building to mitigate the dearth of Arabic Language teaching and learning in Lagos State Schools and also stem the tide of drafting Arabic language teachers to tutor students in other subjects like Islamic Religious Studies and Civil Education, amongst others.

In her words, “Our objective for this workshop is to train teachers in effective methodologies on the teaching and learning of Arabic as a foreign language. We also want to encourage and resuscitate the interest of teachers and students in the Learning of Arabic language as a universal means of communication.

“We also believe the workshop will spiral an upward increase in enrolment of the Arabic language by students in WAEC and NECO examinations as the teachers prepare themselves for the impactful sessions,” she added.

HEADLINES YOU MIGHT HAVE MISSED FROM BRAND SPUR

LASCODA trains youths on commercial coconut oil processing

The Lagos State Government has embarked on the training of youths and women on commercial Coconut Oil processing at the Farm Service Centre, Oko-Oba, Agege as part of efforts towards Making Lagos State a 21st Century Economy.

Lessons we need to learn about record labels moving into African music

If we are not careful, we are in the beginning of the creativity of African music and artistry being captured and abused by the American corporate system?

DICON Partners with Innoson Vehicles In Producing Military Hardware (Photos)

Esan Bolaji
-
0
DICON Partners with Innoson Vehicles In Producing Military Hardware (Photos)

The team of Defence Industries Corporation of Nigeria (DICON) paid a courtesy visit to the CEO of Innoson Vehicle Manufacturing (IVM), Chief Innocent Chukwuma at his Nnewi factory in Anambra State on 26th August 2020 as the duo is set to partner in the production of MRAP EZUGWU.

DICON in collaboration with the Command Engineering Depot (CED) produced a Mine Resistant Armoured Protected Vehicle named EZUGWU MRAP which has been deployed to the North-East by the Nigerian Army to be used for executing insurgency operations.
The team intends to further partner with IVM in order to produce more military-grade vehicles, patrol vehicles, and Soft Skin vehicles for the Armed forces and other security agencies.

DICON Partners with Innoson Vehicles In Producing Military Hardware (Photos)

The DICON Team which comprises of Maj.Gen V.O. Ezugwu, DG DICON (Team Lead), Mr Livingstone Nwaigbudu (Director P&BD), Engr. Shedrack Agbo (Consultant DICON/CED Imperium Nig.Ltd), and Engr. Terra Adding (Consultant DICON/CED) took a factory tour of the IVM facility in the company of Chief Chukwuma and other key members.

DICON Partners with Innoson Vehicles In Producing Military Hardware (Photos)

According to the team lead, Maj.Gen V.O. Ezugwu, who was impressed with the facilities on the ground; he said the collaboration with IVM is inline with the FG’s drive to boost local content and encourage indigenous production in the country.

DICON Partners with Innoson Vehicles In Producing Military Hardware (Photos)

Chief Innocent Chukwuma was also very delighted to receive the team and promised to partner and support DICON in its production in order to assist the FG in its fight against insurgency in the country.

DICON Partners with Innoson Vehicles In Producing Military Hardware (Photos)

Defence Industries Corporation of Nigeria (DICON) is the state-run defence corporation of Nigeria and operated by the Nigerian Armed Forces. It is responsible for the production of defence equipment and civilian products and was founded in 1964.

LASCODA trains youths on commercial coconut oil processing (Photos)

Esan Bolaji
-
0
LASCODA trains youths on commercial coconut oil processing (Photos)

The Lagos State Government has embarked on the training of youths and women on commercial Coconut Oil processing at the Farm Service Centre, Oko-Oba, Agege as part of efforts towards Making Lagos State a 21st Century Economy.

        
In his address at the commencement of the training programme recently, the General Manager, Lagos State Coconut Development Authority, LASCODA, Mr Dapo Olakulehin stated that the exercise is geared towards empowering youths in Lagos State to become self-independent by becoming Agropreneurs, which will ultimately engender economic growth.


He commended Governor Sanwo-Olu for creating a process that encourages capacity building programmes for youths and women to contribute significantly towards achieving one of the goals of the T.H.E.M.E.S Agenda.

Olakulehin reiterated the efforts of the government to open up the coconut sub-sector of agriculture for investments because different products extracted from coconut are viable, noting that the participants for the first batch were drawn from different Local Governments and Local Council Development Areas across the State.

Mr Joseph Sapo, one of the participants at the training programme, thanked the State Government for giving them the opportunity to be trained on how to be self-reliant and productive members of society.

HEADLINES YOU MIGHT HAVE MISSED FROM BRAND SPUR

NNPC generates $4.60bn revenue from 19.104bn litres of crude oil, gas export in one year

The Nigerian National Oil Organization (NNPC), on Sunday, said it made a sum of $4.60billion from raw petroleum and gas sent out between June 2019 and 2020.

The shape of disruption in the retail space: how it works, how to respond to it, and why it matters

You won’t find too many jokes about ‘digital transformation’. It’s a serious business. And if you ask who is doing it, every corporate will raise their hands – but there’s little agreement around exactly what it is, the implications for the organisation, how to go about it. RMB’s recent retail client webinar, featuring Wits’ Prof Brian Armstrong, provided strong direction.

Nigeria’s GDP Shrinks by 6.10% in Q2 2020 – NBS

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Digital Ticketing Sales to Grow 150% by 2022, as Passengers Return to Travel

Hampshire, UK – 24th August 2020: A new study from Juniper Research has found that digital ticketing transaction volumes will exceed pre-COVID levels by 2022; rising from 12.7 billion in 2020 to 32 billion in 2022. It anticipates that continued easing of global travel restrictions will drive increased demand for mobile ticketing in the rail, metro and bus sectors, as commuters return to work.

IITA empowers Ogoni youth on agribusiness for sustainable livelihoods

The Federal Government of Nigeria, through the Ministry of Environment in partnership with IITA, under the Hydrocarbon Pollution Remediation Project (HYPREP), commissioned a cassava processing factory in Korokoro Community, Tai Local Government Area of Rivers State.

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Lessons we need to learn about record labels moving into African music

If we are not careful, we are in the beginning of the creativity of African music and artistry being captured and abused by the American corporate system?

Lessons we need to learn about record labels moving into African music

Esan Bolaji
-
0
Lessons we need to learn about record labels moving into African music

If we are not careful, we are in the beginning of the creativity of African music and artistry being captured and abused by the American corporate system? Universal Music Group, a $7bn corporation owned by French and Chinese money with subsidiaries all over the world recently announced the establishment of Def Jam Africa.

This will be a newer label division within the continent as Universal already has a refined prominence within the continent. The new label is dedicated to representing “the best hip-hop, Afrobeats and trap talent in Africa, and will follow the blueprint of the iconic Def Jam Recordings label,” possibly the most important American hip-hop/R&B label. Def Jam’s contribution to hip hop and R&B is undeniable; the biggest stars from Public Enemy to Jay Z, Mariah Carey, J-Lo and Justin Bieber were or are signed to Def Jam.

It is a great feat to achieve commercial success without the help of a major label and distributor of the artist’s music. The deal with a major label would increase their chance and other future African artists of success on the world stage not just in Africa but at what cost?

 

READ ALSO: 2021 Mercedes-Benz Model Line Updates & Changes

We have seen huge stars such as N.W.A, Toni Braxton, Ma$e, Jojo and many more fighting their record labels after realizing the messy contracts they signed at the beginning of their careers.

They have chocked creativity trying to force the artist to create music for the radio, failed to deliver on marketing and sometimes completely put careers on hold due to their overreaching contracts. The constant tension between artist and music labels is something that the African artist may not have been privy to — as these litigations, labels and the attached artists have grown in the United States, there is now a better understanding of the music industry and convenient evidence to enlighten the budding artist of their rights, limitations and the importance of these deals on their imminent success, licensing abilities, royalties and ownership of their music.

It is somewhat terrifying to imagine the details contained in the deals that the African artists may be offered; Mr. Eazi, a well-known music producer and artist, in a recent interview with Billboard Magazine recalls his “first deal in 2016 was 400,000 pounds [$522,068, adjusted for inflation] for three albums” and just a few year later was “about to sign a huge label imprint deal in 2018 for about $6 million but didn’t”.

These well-endowed titan gatekeepers of the global music distribution industry and their lawyers burrowing into this unsullied music scene see an opportunity — a cheap opportunity and may do more to bend and break the soul of African music bowing to the corporate pressures of producing music for commercial success in Europe and the USA for the least amount possible.

The way music is created around the world is different; contracts and copy-write laws are still in their infancy in Africa and thus reduces the cost of acquiring the music rights which may be a serious curtailing of the authentic path of the African vibe and dilution of the humanity in the music we see from the African continent. If all the front-runners forego their creative path to the conglomerates coming from outside of Africa they may be forced to use a blueprint from executives and A&R of the record labels that is not adjusted for the way that particular music is enjoyed. That is how hip-hop almost lost its edge in the mid-2000s.

Many African artists have struggled to gain worldwide success like we see of American and European acts — it is not until recently that we have seen Wizkid, Burna Boy and Davido break into the mainstream American music scene with Wiz setting the pace after the smash radio hit “One Dance” with Drake in 2016, collaborations with Chris Brown and even joining Beyoncé on the “Brown skin girl” record.

We can safely say he really ushered the American audiences to the vibrant African music scene and more so the Nigerian Afrobeats and Afropop vibe. This was all facilitated under his RCA affiliation whose influence was noted on the modestly received “Sounds From The Other Side” album in 2017.

The heavy hitter musical collaborations on this album did not help the album retain staying power and since then Wizkid’s star power is slowly waning with his 2014 Ojuelegba record keeping his GOAT credentials relevant. The album was a slightly over-polished African music album; it felt very manufactured with a track, Daddy Yo using reggaeton beats; this was obviously frown upon for the African music front runner. Chris Brown and Trey Songz star power did more to dampen the quality of the album than enhance it with their star power; there was little to no chemistry felt in the songs — think Omarion singing Swahili with Diamond Platinumz or Beyoncé on the Shatta Wale Already collaboration.

The core fan base that drove WizKid was not particularly moved by the shift in tone and purpose of the DJ Mustard engineered project. With other unbridled African artists releasing new music at a dizzying pace, the prevalence of social media and streaming’s almost zero cost distribution process, the record label’s hold on his artistry or lack of guidance is proving to be an expensive career ending decision on his part.

The mistakes from Wizkid must have been noted by the Atlantic and Warner team because the freight train of a rollout for Burna Boy’s “African Giant” was on par with an established hip hop act comparable to a DJ Khaled or J. Cole.

Burna was featured on every major interview platform, from the Breakfast Club to Jimmy Kimmel to Trevor Noah’s Daily Show. It was a well-executed scheme to get his name on every playlist not just relegated to the World/Other section that he performed at sold out shows across the country and ended his run with a Grammy nomination.

His album barely had any mainstream features — his Future and YG collaborations were surprising and were not taunted to help boost the album sales; his experience with Damien Marley and Angelique Kidjo were more dominant in his interviews which exhibited his authentic sentiment to the album’s origins and intended audience. It was a befitting of a star and was very appreciated by both his core fan base and the new ears in America; this may be the beginning of a successful entry of African music to the American audience that bore similar traits to the dancehall era of the 2000s ushered in by Sean Paul under a smaller Atlantic Records.

With another mega star, Davido signed to RCA/Sony Music and experiencing success with his 2019 album “A Good Time” going platinum a couple months after release perhaps marks a turning point: after his 2016 debut album “Son of Mercy” with the label failed to meet expectation due to the forceful hand of Sony executives, Davido insisted on making music his way and released the smash hits, “If”, “Fia” and “Fall”.

He then rode that success and with newly acquired knowledge about the streaming effect on music delivered a platinum album with all the songs created by Nigerian producers. If the creative nature of the artist and dedication to the authentic material of the music is left intact after the signing of the artist, it will be a recipe for success.

If the Wizkid and Davido experience is to carefully be studied, we hope these lessons will be employed with Vinka from Uganda who was signed to Sony Music in 2019. With Tiwa Savage from Nigeria signed in 2019 the recent Def Jam signing of major stars like Cassper Nyovest and Nasty C from South Africa, and purchasing of a majority share of AI Records in Nairobi, Kenya in 2018, it appears United Music Group is in the lead in this new scramble for Africa.

This time we have history as a guide and with wide spread access to the internet, we shall all collectively keep watching the African music scene and support the uplifting of local talent, genuine artistry and responsible business decisions by the talent and record labels to maintain the soul of African music.

BRAND SPUR

2021 Mercedes-Benz Model Line Updates & Changes

Esan Bolaji
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0
2021 Mercedes-Benz Model Line Updates & Changes

Mercedes-Benz Introduces New SUVs and AMG Performance Models, Refreshes Entire E-Class Family and Expands Innovative Technologies Across Model Lines for the 2021 Model Year.

  • All-new GLA SUV rounds out refreshed Mercedes-Benz SUV family as redesigned attractive gateway
  • All-new AMG GLE 63 S and AMG GLS 63 SUVs set new standards for Intelligent Performance, Versatility and Luxury
  • New generation of Mercedes-AMG SUV Coupe trendsetters completely reconceived
  • Mercedes-Maybach GLS expands the Maybach product portfolio with its first-ever SUV
  • Entire E-Class Family is redesigned, introduces first-ever E-Class All-Terrain for U.S. market
  • AMG introduces new gateway to GT 4-Door Coupe Family and expands new ’35’ model line with AMG GLA 35 & GLB 35 SUVs
  • All new and refreshed models benefit from innovative safety and convenience features, Mercedes-Benz User Experience technology and latest driver assistance systems

Mercedes-Benz USA enters the 2021 model year with an array of exciting new vehicle debuts and performance and technology upgrades across the vehicle range.

New gateway to the Mercedes-Benz SUV family

In the past year, Mercedes-Benz has updated its entire SUV lineup – from welcoming the first-ever compact GLB with an optional 3rd row, allowing for flexible configurations, to introducing the redesign of the best-selling midsize GLC. The new-generation GLE also debuted a highly compelling new design and an optional 3rd row seat for the first time, and the all-new full-sized GLS now offers Captain’s Chairs for six passengers, or a rear bench to seat up to seven. The all-new GLA now seamlessly rounds out the lineup as the attractive and sporty gateway to the refreshed Mercedes-Benz SUV family.

While the GLA remains a compact SUV in a versatile city-sized package, the new generation displays a more grown-up appearance as it is now taller (+ 3.6″), wider (1.2″) and has a longer wheelbase (+ 1.1″) than its predecessor. With more front headroom, more rear legroom and more cargo space than its predecessor, the vehicle is as dynamic as its customers’ lives – equally suitable for everyday driving and weekend getaways.

The new GLA 35 is Mercedes-AMG’s latest entry to the brand and combines high style with superior performance in a sporty and versatile crossover package. Featuring an AMG- enhanced 2.0-litre Inline-4 turbocharged engine boasting 302 hp, the GLA 35 is capable of powering from zero to 60 mph in 5.0 seconds.

READ ALSO: Closing Speech by Dr Akinwumi A Adesina, President, African Development Bank Group, 2020 Annual Meetings African Development Bank Group

The AMG GLA 45 is powered by the newly developed, Handcrafted M139 2.0-liter engine, the world’s most powerful turbocharged four-cylinder manufactured for series production. With 382 hp and 354 lb-ft of torque, it boasts more power than its predecessor and completes zero to 60 mph in 4.3 seconds. The active, variable AMG Performance 4MATIC+ all-wheel drive distributes power to the rear axle selectively with AMG TORQUE CONTROL, providing the basis for top traction in any driving condition.

Intelligent  performance meets  everyday functionality

The new AMG GLE 63 S and AMG GLS 63 SUV models represent the continued evolution of Intelligent Performance. The GLE 63 S clearly defines automotive athleticism and joins the successful GLE family as the muscular performance leader from Mercedes-AMG, while the GLS 63 represents the pinnacle of a large SUV with AMG Performance Luxury – combining the luxury of abundant space and day-to-day functionality with refined performance.

At the heart of these new models is a Handcrafted Mercedes-AMG 4.0-liter V8 Biturbo engine that has been paired with an EQ Boost Integrated Starter Generator (ISG) — a first for a Mercedes-AMG SUV. In both vehicles, the 4.0-litre V8 generates 603 horsepower and 627 lb-ft of torque. Augmenting the engine, the EQ Boost starter generator provides a momentary increase of 21 hp and up to 184 lb-ft of torque on acceleration, while charging the 48-volt battery and imperceptibly restarting the engine in conjunction with the ECO start/stop function.

These vehicles demonstrate intelligent performance with features like AMG Performance 4MATIC+ and AMG Cylinder Management. In combination with our AMG Cylinder Management, the EQ Boost technology significantly optimizes fuel efficiency.
Furthermore, the ISG offers instant throttle response: zero to 60 mph is estimated at 4.1 seconds for the GLS 63 and 3.7 seconds for the GLE 63 S.

A number of new features on these vehicles – such as active roll stabilization, AMG active engine mounts and the new electronic rear differential – also make them more agile and dynamic than ever before.

SUV Coupe trendsetters completely reconceived

The new Mercedes-AMG GLE Coupe models uniquely combine sporty design with exhilarating performance and high day-to-day usability. The AMG GLE 53 Coupe continues to pave the way for high-performance, highly versatile, sporty utility vehicles, while the new AMG GLE 63 S Coupe raises that bar even higher with exhilarating performance capabilities.

The GLE 53 Coupe is powered by an AMG-enhanced 3.0-litre inline six-cylinder engine with an EQ Boost starter generator. Driving dynamics are further enhanced by the fully variable AMG Performance 4MATIC+ all-wheel drive and AMG RIDE CONTROL suspension based on AIRMATIC. The progressive interior design features the latest MBUX infotainment system, including AMG-specific functions and displays.

Powered by a Handcrafted AMG 4.0-liter V8 Biturbo engine, featuring an electrified EQ Boost starter generator, the GLE 63 S Coupe delivers an impressive 603 hp. Dynamic handling is guaranteed thanks to the AMG RIDE CONTROL+ air suspension with AMG ACTIVE RIDE CONTROL roll stabilization, fully variable AMG Performance 4MATIC+ all-wheel drive and the AMG SPEEDSHIFT TCT 9-speed automatic transmission.

The new generation of AMG SUV Coupes offer all the advantages of a Mercedes SUV, with ample space for passengers and luggage, extensive safety features and superior traction on a variety of surfaces and road conditions.

A new form of luxury

The Mercedes-Maybach GLS 600 4MATIC represents a new form of luxury in the SUV segment and extends the portfolio of the Mercedes-Maybach brand by combining the body design and technical basis of the GLS with the luxury of a top-class sedan.

The interior of the Mercedes-Maybach uses the generous dimensions of the GLS to offer drivers and passengers luxurious, comfortable and spacious seating; all seats are electrically adjustable, heated, ventilated and equipped with massage functions as standard. The rear compartment especially, with seats 4.7 inches (120 mm) further back than they are in the Mercedes-Benz GLS, serves as both an office and a private relaxation zone. The outer rear seats with their footrests and the exceptionally wide backrest that can be inclined backwards up to 43.5° are ideal for deep relaxation on long journeys or even a rejuvenating power nap. Additionally, the interior of the Mercedes-Maybach GLS offers the high standard of comfort appointments one would expect in the luxury class and features many of the latest-generation Mercedes-Benz driver assistance systems as standard.

The Maybach GLS 600 4MATIC is driven exclusively by the powerful yet discreet electrified variant of the V8 gasoline engine with a 48-volt on-board electrical system and EQ Boost Integrated Starter Generator (ISG), providing effortless power to meet even the most discerning standards. ISG is responsible for hybrid functions such as energy recovery, while allowing fuel savings that were previously reserved for high-voltage hybrid technology. The engine produces an output of 550 hp and 538 lb-ft of torque, and an additional 184 lb-ft of torque and up to 21 hp output are available temporarily via EQ Boost.

With generous interior space and appointments, customization options exclusive to the Maybach brand and powerful V8 performance, the Maybach GLS is the ultimate in SUV luxury.

Upgrades to the entire E-Class Family

With over 14 million units delivered globally since 1946, the E-Class and its predecessor models are the best-selling model series in the history of Mercedes-Benz. With its recent redesign, the E-Class family continues to set the benchmark for intelligence within the Mercedes-Benz lineup through top levels of comfort, luxury and safety.

The model range introduces a refreshed, more dynamic design on the exterior and even more comfort and technology in the interior with a completely newly developed steering

wheel with capacitive sensor technology and hands-off detection that eases the operation of semi-autonomous driving.

The cabin experience for the driver and passengers has also been enhanced by the new Mercedes-Benz User Experience infotainment system with enhanced Voice Control, along with available features such as MBUX Interior Assistant, MBUX augmented video for navigation and the advanced driver assistance systems and safety technologies. The powertrain in the E 450 and E 450 4MATIC models has also been electrified with a 3.0-litre inline 6-cylinder engine with a 48-volt onboard electrical system.

With expressive proportions, clear and sensual design and long-distance comfort for four people, the new E-Class Coupe combines the beauty and classic virtues of a grand tourer with state-of-the-art technology, and the E-Class Cabriolet ensures all-season open-top driving and comfort for four with standard sun-reflecting leather, AIRCAP® wind-deflector and AIRSCARF® neck-level heating. The new E-Class All-Terrain, available for the first time in the U.S. market, boasts an SUV-like design and character with its raised height, black matte body cladding, radiator grille and a stylized skid plate that sports a mirror chrome finish.

The extensively updated Mercedes-AMG E 63 S Sedan and Wagon also feature a striking new design, improved aerodynamics and more comfort. The restyled front section features a larger central air-cooling inlet, while also newly incorporating the distinctive AMG-specific radiator grille, with vertical slats and a larger central star. Newly redesigned, flatter, all-LED headlamps also enhance the more dynamic exterior appearance. The iconic Handcrafted AMG 4.0-liter V8 Biturbo engine remains, producing 603 hp and 627 lb-ft of torque.

The interior is thoroughly enhanced with the new Widescreen Cockpit, AMG Performance steering wheel and MBUX infotainment system with AMG-specific functions and displays. Thanks to a special air spring and damper set-up as well as the Adaptive Damping System, the new three-chamber air suspension combines exemplary AMG driving dynamics with excellent road noise and enhanced overall comfort characteristics.

Expansion of AMG GT 4-Door Coupe Family

New for the model year 2021, the Mercedes-AMG GT 43 4-Door Coupe further expands the AMG GT family, combining AMG-developed dynamics with everyday usability, seating for four and a more accessible point of entry.

As the third model to be developed in-house by Mercedes-AMG, the new AMG GT 43 pairs a highly intelligent and efficient powertrain with a uniquely developed AMG chassis that is delivered at an approachable point of entry. At the heart of the new GT 43 is the 3.0-litre Inline-6 Turbo engine with EQ Boost. EQ Boost utilizes stored electric power from the 48- volt battery through an Integrated Starter Generator, a powerful electric motor that combines the functions of a starter and an alternator. This EQ Boost unit assists the internal combustion engine with up to an additional 21 hp and 184 lb-ft of torque at low engine speeds.

With the new GT 43 Coupe, the AMG GT family has expanded even further to those looking for a vehicle that combines the impressive driving dynamics of the AMG GT models with everyday practicality. The GT 43 4-Door Coupe offers ample space for four passengers, the latest technology including the revolutionary MBUX, with the unparalleled level of performance and luxury expected from Mercedes-AMG.

New ’35’ models from Mercedes-AMG

The AMG brand continues to introduce a variety of dynamic and awe-inspiring new entry points to the world of AMG driving performance, establishing highly compelling new gateways with different body styles and power outputs to suit a wide variety of lifestyles.

With an AMG-enhanced 2.0-litre Inline-4 Turbo engine that provides an output of 302 hp and 295 lb-ft, the new AMG GLA 35 and AMG GLB 35 offer an attractive entry into the world of SUV AMG driving performance, allowing customers to a choose the vehicle that best suits their needs without compromising power, performance or versatility.

These models come standard equipped with AMG Performance 4MATIC all-wheel drive, an AMG SPEEDSHIFT DCT 7-Speed dual-clutch transmission, AMG DYNAMIC SELECT, an AMG Sport Suspension and 3-Stage Electronic Stability Program, providing the AMG ’35’ customer the performance and precision synonymous with AMG.

Expanded safety technologies & convenience features

The all-new Mercedes-Benz dashcam is newly available for the 2021 model year. Using the camera in the windshield, the dashcam films and saves what’s happening on the road in front of your vehicle, including the time and speed. This helps to protect drivers in the event of an accident. The dashcam’s resolution of 1280 x 720 pixels and a frame rate of 30 Hz also allows for the driver to use the dashcam as a recording device, to film landscapes and routes for video documentation.

With the introduction of the 2021 E-Class, Mercedes-Benz presented a newly developed steering wheel with capacitive hands-off detection. A two-zone sensor mat is located in the rim of the steering wheel, which detects whether the hands are grasping the wheel. As a result, the driver no longer needs to make an active steering movement to signal to the assistance systems that he or she is in control of the vehicle. This increases the ease of operation during semi-automated driving in the E-Class models and, at the same time, marks a further step towards autonomous driving.

Mercedes-Benz continues to roll out advanced driver assistance features along with new technologies throughout the Mercedes-Benz lineup for the new model year, including Active Brake Assist that is standard on all vehicles. Further Intelligent Drive functions are available with the Driver Assistance package including Active Distance Assist DISTRONIC with route-based speed adjustment, Active Steering Assist, Active Blind Spot Assist with exit warning, Active Parking Assistant with PARKTRONIC and 360° camera.

Mercedes-Benz continues to advance technologies within the cabin, with features such as, the optional MBUX Interior Assistant that allows intuitive, natural operation of various comfort and MBUX functions through movement recognition. For example, when a hand approaches the touchscreen or the touchpad on the centre console, the media display changes, and individual elements are highlighted. As part of the revolutionary multimedia system featuring innovative technology based on Artificial Intelligence and an intuitive operating system, Mercedes-Benz User Experience, MBUX, is pioneering a new level of in- car experience. The system has learning capabilities and intelligent Voice Control with Natural Language Understanding and a verbal cue of “Hey Mercedes.” When the navigation function is active, the MBUX Augmented Video Navigation, superimposes a video image of the surroundings is enhanced with arrows or house numbers automatically superimposed directly onto the image in the media display.

BRAND SPUR

Closing Speech by Dr Akinwumi A Adesina, President, African Development Bank Group, 2020 Annual Meetings African Development Bank Group

Esan Bolaji
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0
Closing Speech by Dr Akinwumi A Adesina, President, African Development Bank Group, 2020 Annual Meetings African Development Bank Group

August 27, 2020 – Honorable Niale Kaba, Chairperson of the Board of Governors

Your Excellencies, Governors Members of the Board of Directors Senior Management and Staff of the African Development Bank Ladies and Gentlemen

African Development Bank Group (AfDB)

The 2020 Annual Meetings of the African Development Bank have been exciting, intense, and rich in debate and dialogue! That is what we do at the African Development Bank — thinking and mapping out new ways we can better support Africa.

As I viewed your faces, and listened to your voices, the currents of your collective passion and dedication to the Bank, its mission, and Africa, filled the virtual dialogue rooms.

The vibrancy and buoyancy of ideas filled the Governors Dialogue on our progress on the GCI-7 and ADF 15 policy commitments — and my interaction with you as a candidate for election as President.

READ ALSO:Sanofi to commence tender offer for acquisition of Principia Biopharma Inc

All insightful, challenging and electrifying…

We discussed ways in which the Bank will support Africa to rebuild, better and stronger, from the effects of the COVID-19 pandemic.

We discussed how to further strengthen our institution and deepen our governance and accountability systems.

We discussed many more-… regional integration and trade, climate, gender, youth, jobs and debt sustainability — and how to focus on quality health care infrastructure to build economic resilience for Africa.

We discussed how to achieve long-term financial sustainability of the Bank.

We heard you — and I hear you!

Of course, right now the sound that is loudest in my ears is the announcement of my re-election as President of the African Development Bank — for a second term!

We also made history. By re-electing me via a vote, I became the first President of the Bank to be re-elected by a vote.

This was very important:

  • It shows the transparency of our Bank
  • It shows your demonstrated weight of support behind my vision
  • It shows a very clear and strong mandate from all shareholders to go and implement the vision.
  • It shows that all voices were heard.
  • And it shows that we are true to the constitutive texts of our Bank.

 

Today, again, the African Development Bank has shown its high level of standards and commitment to transparency and good corporate governance.

Thank you very much!

I am deeply grateful for your collective trust, confidence and support. I am greatly honored — and humbled.

It is yet another call — a call for selfless service to Africa and the African Development Bank.

Today, a rainbow stretches from 81 member countries of the African Development Bank across the deep blue sky of Africa, with one message — the rain is gone. Gone are the dark clouds that held us down.

Dear Governors,

  • You steadied the Bank.
  • You stabilized the Bank’s leadership.
  • You strengthened the Bank.
  • You reinforced our collective vision.
  • You decided for continuity — to build on all we have achieved together over the past five years.

 

I look forward to working closely with each and every one of you for the urgent and difficult task ahead of supporting Africa to build back, better, smarter, and boldly from the COVID-19 pandemic.

Myself, the Board of Directors, Senior Management and Staff of the Bank will need each and every one of you – our shareholders, collectively, in support for the Bank to play this leadership role.

As we bring the 2020 Annual Meetings to a close, words are not enough to express my special gratitude to you, our Governors, for taking the decision to hold these meetings virtually.

It was a historic decision. And even more historic was your decision to hold the election of the President – virtually.

You demonstrated pragmatism and flexibility for the business continuity of the Bank.

I would like to specially thank Honorable Minister Niale Kaba, Chairperson of the Board of Governors, for her extraordinary and wise leadership in steering the affairs of the Bank over the past one year. You, the Bureau of the Governors and all Governors carried everyone along and steered the ship safely to its destination for an outstanding Annual Meeting.

I would like on behalf of the Board of Directors, Senior Management and staff of the Bank, to thank the Government of Cote d’Ivoire for hosting this year’s Annual Meetings. A special appreciation goes to H.E. President Alassane Ouattara, President of the Republic of Cote d’Ivoire, for opening the Annual Meetings via video.

I’d like to thank the Board of Directors of the Bank, Senior Management and Staff for all your support in ensuring a successful Annual Meetings.

Everyone worked so hard…… but I would like to specially thank the Secretary General,

Professor Vincent Nmehielle, for his incredible leadership and stewardship in supporting this whole process of a virtual Annual Meetings. He and his staff, with great support from our amazing IT team, and country managers across all our 44 offices, worked so hard for us to conduct these meetings — and the election of the President — so seamlessly. Well done!

The acting General Counsel, Souley Amadou and his team, worked so hard on supporting the Annual meetings and your resolutions.

The interpreters did such a great job. And of course, our dynamic staff in the IT department who provided excellent support that ensured we all could have these Annual Meetings virtually, deserve a special commendation.

Thank you all very much!

As the curtain comes down on the 2020 Annual Meetings in Abidjan, we look forward to its rising in Accra, for the 2021 Annual Meetings. So, congratulations to you Ghana, and Governor Ken Ofori Atta, Minister of Finance of Ghana — who now assumes his new role as the Chairperson of the Board of Governors.

Until we see you again in Accra next year for the 2021 Annual Meetings, stay well, stay safe — and stay healthy!

Here’s a Virtual High5 to you all!

Thank you all very much!

BRAND SPUR

Sanofi to commence tender offer for acquisition of Principia Biopharma Inc

Esan Bolaji
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0
Sanofi to commence tender offer for acquisition of Principia Biopharma Inc

Sanofi announced today that it intends to commence a tender offer (the “Offer”) today to acquire all of the outstanding shares of common stock of Principia Biopharma Inc. (“Principia”) for $100 per share in cash, without interest thereon and net of any applicable withholding taxes.

The Offer is being made pursuant to the Agreement and Plan of Merger, dated as of August 16, 2020 (as it may be amended from time to time, the “Merger Agreement”), by and among Principia, Sanofi and Kortex Acquisition Corp., a Delaware corporation and an indirect, wholly-owned subsidiary of Sanofi (“Purchaser”).

The Offer is scheduled to expire one minute past 11:59 p.m., Eastern Time, on Friday, September 25, 2020, unless the Offer is extended in accordance with the Merger Agreement and the applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”).

The consummation of the Offer is subject to customary closing conditions, including the tender of at least a majority of the outstanding shares of Principia common stock, the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, and other customary conditions. Following the successful completion of the Offer, Purchaser will merge with and into Principia pursuant to Section 251(h) of the General Corporation Law of the State of Delaware, with Principia continuing as the surviving corporation and becoming an indirect, wholly-owned subsidiary of Sanofi (the “Merger”). At the effective time of the Merger, the outstanding shares of common stock of Principia not tendered in the Offer will be converted into the right to receive the same $100 per share in cash that they would have received had they tendered their shares in the Offer.

Evercore is acting as financial advisor to Sanofi and Weil, Gotshal & Manges LLP is acting as its legal counsel. Centerview Partners LLC and BofA Securities, Inc. are acting as financial advisors to Principia and Cooley LLP is acting as its legal counsel.

 

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Equinor completes world’s first logistics operation with a drone to an offshore installation (Video)

Esan Bolaji
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7
Equinor completes world’s first logistics operation with a drone to an offshore installation (Video)

A drone flew a 3D-printed part for the lifeboat system from the Mongstad base to the Troll A platform in the North Sea. The operation was completed efficiently and according to plan.

“Development is rapid, and we see the huge potential within drone technology that could transform the way we operate, both under and above the sea surface. Equinor aims to lead the way in utilising new technology on the Norwegian continental shelf,” says Arne Sigve Nylund, Equinor’s executive vice president for Development and Production Norway.

“Drones could reinforce safety, boost production efficiency and contribute to lower CO2 emissions from Norwegian oil and gas. Drones will also play a role as we shape new energy solutions on the Norwegian shelf,” Nylund continues.

Equinor completes world’s first logistics operation with a drone to an offshore installation (Video)
Image Credit: Ole Jørgen Bratland | Equinor ASA
Equinor completes world’s first logistics operation with a drone to an offshore installation (Video)
Image Credit: Ole Jørgen Bratland | Equinor ASA

The flight spanning around 80 kilometres to the Troll field took about one hour, at an altitude of approx. 5000 feet. The flight was a test, the world’s first of its kind, where an actual freight operation was conducted over a long distance to an operating offshore installation. The drone was a Camcopter s-100 model, manufactured by Schiebel.

Equinor completes world’s first logistics operation with a drone to an offshore installation (Video)
Image Credit: Ole Jørgen Bratland | Equinor ASA
Equinor completes world’s first logistics operation with a drone to an offshore installation (Video)
Image Credit: Ole Jørgen Bratland | Equinor ASA

This type of drone has been thoroughly tested and has logged around 70,000 flying hours from other types of operations within the defence and coast guard services. The drone is more than four metres long and weighs in excess of 100 kilograms. It has a cruising speed of more than 150 km/h and it can carry cargo weighing up to 50 kg.

Equinor completes world’s first logistics operation with a drone to an offshore installation (Video)
Image Credit: Ole Jørgen Bratland | Equinor ASA

The operator of the drone is the Sandnes-based company Nordic Unmanned, a leader in drone services in Europe. Equinor and the drone operator have enjoyed good cooperation with the Civil Aviation Authority, Avinor Air Navigation Services and the Norwegian Communications Authority in completing this ground-breaking transport operation.

Equinor completes world’s first logistics operation with a drone to an offshore installation (Video)
Image Credit: Ole Jørgen Bratland | Equinor ASA

“Over the longer term, we expect to see the new infrastructure for logistics and support operations, which can reinforce what we already have within vessels and helicopters,” says Alena Korbovà Pedersen, who heads the work on developing logistics solutions in Equinor.

“If we are to develop the logistics solutions of the future on the Norwegian shelf, where drones could play an important role, we must cooperate across all of the industry’s players; operating companies, suppliers, the authorities and the trade union and safety interests,” Pedersen continues.

In addition to conducting logistics operations, airborne drones can also be used for inspections and observations of the technical condition of our offshore installations and onshore facilities. They have extremely advanced camera equipment and can be used in search and rescue operations, for example, to locate people who have fallen into the sea, or for early detection of pollution on the sea. These abilities were also tested during yesterday’s flight.

Drones will also play a role in new energy solutions on the NCS. Drones can inspect wind turbines, deploy equipment to be used by personnel performing maintenance and repairs, and they can deliver critical parts, fast. Using drones will also enable us to avoid some vessel lifts that can be both more costly and leave a greater environmental footprint.

The fact that we chose a 3D printed part for our first drone transport offshore was a very natural choice. 3D printing is another rapidly growing technology that will transform the way we work. The part we transported was a diesel nozzle holder – a critical component in the lifeboats on Troll A.

The part is no longer manufactured and is difficult to obtain. Therefore, the part was re-designed and modelled in 3D before an advanced metal 3D printer produced a replica in a sturdy, industrial alloy, Inconel 718. The part was manufactured quickly and was delivered safely and efficiently to Troll A, Norway’s largest gas producer.

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